VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- Targeted Microwave Solutions Inc. (TSX-V:TMS) (OTCQB:TGTMF) (“TMS”) announced today the settlement of US$2,686,650 of debt owing to Satellite Overseas (Holdings) Limited ("SOHL") and Dr. James Young, the CEO of TMS. A total of 66,204,429 common shares (39,834,828 to SOHL and 26,369,601 to Dr. Young) will be issued by TMS at a deemed price of $0.05 per share in settlement of the debt.
Following completion of the share issuances, based on information available to TMS, Dr. Young will own or control 27,281,611 shares, representing 24.14% of the outstanding shares, and SOHL will own or control 55,981,161 shares, representing 49.53% of the outstanding shares.
On behalf of the Board of Directors,
"Dr. James Young"
Chief Executive Officer and Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.